Can-Fite BioPharma is a clinical-stage biopharmaceutical company based in Israel developing oral small molecule drugs targeting the A3 adenosine receptor (A3AR), a receptor that is highly expressed in diseased cells but minimally expressed in healthy tissue. Can-Fite's hypothesis is that selectively activating A3AR triggers cell death in diseased cells while leaving healthy cells unaffected. The two lead candidates are Piclidenoson, in a pivotal Phase III program for moderate-to-severe plaque psoriasis, and Namodenoson, in a pivotal Phase III trial for hepatocellular carcinoma (HCC) and an ongoing Phase IIb trial for MASH (fatty liver disease). Namodenoson holds FDA orphan drug and Fast Track designations for HCC, and targets a specific patient subpopulation — advanced HCC with Child-Pugh B7 cirrhosis — for which no approved therapy currently exists. Can-Fite's business model is built around out-licensing rather than building its own commercial infrastructure. The company has signed regional licensing deals covering Canada, Spain, China, South Korea, Central Eastern Europe, and other markets, under which partners handle local regulatory submissions, marketing, and distribution while Can-Fite retains responsibility for global clinical development. Can-Fite outsources manufacturing and clinical operations, keeping its cost structure asset-light but leaving it entirely dependent on capital raises to fund trials. The company generates minimal revenue today, primarily from amortization of upfront licensing payments, and its value creation depends on future milestone payments and royalties triggered by approvals and commercial sales.